Expected returns and standard deviations of returns of portfolios P1 and P2 are as follows: E(rP1) = 14%, P1 = 32%, E(rP2) = 10%, P2 = 25%. Which portfolio is better for an investor whose risk aversion parameter is 5 if

(a) a risk-free security is available with the rate of return of 1%.

(b) a risk-free security is not available.